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Foreign travel advice Indonesia
FCDO advises against all travel to parts of Indonesia.
Foreign travel advice Romania
Warnings and insurance Still current at: 24 April 2024 Updated: 23 April 2024 Latest update: Information related to drug offences and Romanian music festivals (under 'Laws and cultural differences' subheading on the 'Safety and security' page).
Foreign travel advice The Gambia
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Ferry services between Banjul and Barra have been suspended until further notice; The Islamic Summit of the OIC (Organisation of Islamic Cooperation) will be held in Banjul on 4-5 May; road closures and delays at Banjul International Airport ('Safety and security' page).
Foreign travel advice China
Warnings and insurance Still current at: 23 April 2024 Updated: 22 April 2024 Latest update: Updated information on flooding (‘Safety and security’ page).
Guidance Living in South Korea
Information for British citizens moving to or living in South Korea, including guidance on residency, healthcare, driving and more.
Bulgaria and the U.S. agree on the implementation of FATCA
The Bulgarian National Revenue Agency and the U.S. Department of Finance agreed on the text of the agreement between Bulgaria and the United States, aimed to improve the compliance of the tax legislation from an international aspect and the enforcement of the Foreign Account Tax Compliance Act (FATCA), voted in 2010. To this effect, Bulgaria is included in the list of countries the Unites States is having a FATCA agreement in force with.
FATCA obliges all foreign financial institutions to provide information to the International Revenue Service (IRS) related to those financial accounts which belong to US taxpayers or foreign companies that are controlled by US taxpayers (with more than 10% direct or indirect participation) . Foreign financial institutions that do not participate in FATCA will be subject to 30% withholding tax in the US, which will make their operations on the US markets extremely difficult. Thus, US tax payers who own financial assets abroad must declare them in the IRS and for this purpose FATCA introduces a regime according to which the foreign financial institutions can chose either to assist IRS (participating) or not (non-participating).
One of the essential obligations of the participating financial institutions is to register and receive a special identification number (GIIN). The registration may be done exclusively online via a safe, web -based system maintained by the IRS. The address for registration is www.irs.gov/fatca-registration
The deadline for the registration of financial institutions located in countries which have signed the Model 1 agreement, Bulgaria being among them, has been prolonged until Jan 1, 2015. Until that date, the financial institutions are not required to specify the GIIN and will not be subject to 30% withholding tax in the U.S. By the beginning of June 2014, the IRS is expected to announce the list of the participating financial institutions which will be updated on monthly basis.